Bitcoins $80K Breakout Test
A key threshold has emerged in the Bitcoin price chart as the cryptocurrency attempts to break out of its current bear market. This level is $80,000, a figure that is now seen as a major barrier for BTC.
According to CryptoQuant analyst Darkfost, several technical and on-chain measures are converging around this level. He notes that the traditional realized price has become less relevant due to the large amount of illiquid BTC supply.
The average invested capital in Bitcoin is near $80,000, which makes this level a significant barrier for the crypto asset at present. A steady move above $80,000 would return a large portion of BTC's invested capital to profit.
Ali Martinez agrees that the current market structure could be heading toward another buying opportunity, similar to what was seen during the 2022-2023 bottom. However, he notes that there is still resistance near $84,569, where nearly 975,000 BTC were previously acquired.